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$367,800 IN SMALL BUSINESS LOANS TO AID THREE LOCAL COMPANIES

 $367,800 IN SMALL BUSINESS LOANS
 TO AID THREE LOCAL COMPANIES
 CLEVELAND, May 22 /PRNewswire/ -- Mayor Michael R. White and George S. Brookes, chairman of the Cleveland Citywide Development Corporation (CCDC), today announced CCDC's approval of $367,800 in Small Business Revolving Loan Funds for three local companies. The loans have been submitted to City Council for approval.
 "Our slogan 'Cleveland Means Business' is catching on! In less than two months, our Economic Development staff have packaged and received CCDC approval on eleven loans that will earmark nearly $1 million for small business expansion and retention efforts in our city," said Mayor White.
 The three City Economic Development loans approved by CCDC include:
 -- A-Brite Plating Company, 3000 West 121st Street, Cleveland. The company was granted $150,000 to assist with leasehold improvements and the purchase of equipment to restart the plating on plastic business. This includes the superstructure, tanks, control panels and hydraulic systems which make up a high quality plating line. The project will create 53 new jobs and generate $43,761 in new income taxes and $13,250 in tangible property taxes.
 -- Cleveland Cold Storage, 2000 West 14th Street, Cleveland. The company was approved $150,000 to finance the acquisition of all the assets of the business. Cleveland Cold Storage provides warehousing space for food products to the general public. Known throughout the industry for its high level of customer service, the customer base includes New York Frozen Foods, Great Lake Cheese Company, Nabisco, Van De Kamp and USDA. The project will create five new jobs and generate $10,040 in new income taxes.
 -- Bonnie Speed Delivery, Inc., 2102 St. Clair Ave., Cleveland. The company was granted $67,800 to assist financing a new 10,000 sq. ft. facility to be located at 2501 St. Clair Ave. Bonnie Speed, Inc. is the largest "Rush" delivery company in northern Ohio. The company has outgrown its 3,000 sq. ft. office space and the new building will allow for additional growth and expansion. The project will create 50 new jobs and generate $51,700 in new income taxes and $14,365 in tangible property taxes.
 "The $367,800 in loans approved by our board of trustees, will leverage $3,537,200 in private and other-public investment, creating 108 jobs, 47 of which are committed to minorities," said Brookes.
 CCDC's main mission is to stimulate economic growth and create employment opportunities within the city of Cleveland by overseeing the city's small business lending programs.
 The organization will hold its annual meeting and luncheon on May 27, beginning at 11:30 a.m., at the University Club. For more information, please call 216-664-2406.
 -0- 5/22/92
 /CONTACT: Alan Seifullah, 216-664-2238, Mary Rose Coburn, 216-664-2239, or Joe Skrabec, 216-664-4529, all with the City of Cleveland/ CO: City of Cleveland ST: Ohio IN: SU:


BM -- CL001A -- 3258 05/22/92 11:10 EDT
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Publication:PR Newswire
Date:May 22, 1992
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